The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1887-09-01
AFFAIRS OF THE RAILWAYS.
Sale oftbe n & o. Express.

New York Aug 3l.-The following official
announcement was made to-day by the presi-
dent of the United States Express Company:
''Tbe plant franchise and business OF the Balti-
more express has been sold to the United States
Express Company for a period of thirty years.
The sale was made directly by the Baltimore e.
Ohio Railroad Company, no other parties being
recognized. The agreement was consummated
last week. and we take possession tomorrow.
The negotiations for the sale have been pending
about q month, having been begun with Presi-
dent Garrett before his departure for Europe.
1t is stated on Wall street that the price paid
was 50, 500. 600. of which 81 600 600 was paid in
cash and $1,000, 900 in United States express
Itock The president of the United States ex-
press denies the correctness OF the figures, but
declines to state the terms on which the proper
BY was purchased, saying that the matter is
private No change will be made in the man.
Rgement or name of the company This adds
about 5000 miles of territory to $4,000 miles al
ready operated over by the United States Ex-
press Company, and it makes it tine most power
tul company ot it's kind in America. The nego-
nations for the sale have been in progress for
lhe last SIX weeks and were concluded between
Mr.. Samuel Spencer, the first vice president of
the Baltimore 81 Ohio, and Mr.. T. G. Platt of
the United States Express Company. on terms
most favorable to the latter, to whom the con-
tract will prove q largo additional source OF
revenue"
Speaking Of the transfer of the B. & o. Ex-
press business the Post says: 1.-THE rumors af1oat
on the street this morning were that Jay Gould
was the real purchaser of the express company
and that he had practically completed negotia-
tions which would give him control OF the Baltl-
more & Ohio Telegraph Company, and was
practically in possession of all the B. 81 o. prop
srty, including the railroad telegraph and ex-
press business. From inquiries made among
wel-known brokers and bankers. 1T was learned
that there was every reason to believe that these
reports were well founded"
The Meeting of General Freight Agents.
The meeting of the general freight agents at
the New-Denison House was continued yester-
day. the progress in fixing joint rates for many
junction points in the State being slow The
agents are far from being of one mind as to
what the rates should be, those representing
the short-lines hold out for q reduction to
bottom figures, while those having the interests
Of the longer lines in charge want the prices
advanced. 1--WE spent the day." said one of the
agents, W. L. Bowlus of Toledo, last night, lin
abusing each other. All OF them had their turn
points. We have done but little so far. To
morrow the progress in reaching conclusions
may be more rapid. and by night
we may have the tariff completed"
1.-THE interstate law complexities matters, no
doubt" suggested the reporter.
Eyes, that enters great deal into our con-
alterations, but it is an excellent law and have
been holding to it steadily and note the benefits
1t offers both shippers and railroad companies.
IL puts every shipper on an equal footing
with every other shipper, and favors to
one means favors to all. The law
takes from great corporations and operators one
half the power they had in shutting out compe-
tition. For instance, before the law went into
effect a grain dealer in Toledo got everything
from the Transporting companies. Nobody could
compete with him, and firm after firm fell be-
fore him. Whatever he wanted from the rail-
roads he got. He always had a sleeper or parlor
car at his disposal when he wished to travel. He
does not get that favor or any others now"
Naturally he is opposed to the law
Certainly. He is crying out against it every
day and is scheming to defeat it. He talks
largely about watsr-route competition and all
that, but he does not have the monopoly of the
grain trade as he did a few months ago."